Turing CEO Concedes, Will Lower Daraprim Price

After the internet exploded with hatred for Turing Pharmaceuticals CEO Martin Shkreli following his 5000% price increase for toxoplasmosis drug Daraprim, Shkreli now says Turing will make the drug more affordable.

“We’ve agreed to lower the price of Daraprim to a point that is more affordable and it’s able to allow the company to make a profit, a very small profit,” said Shkreli.

Daraprim is used to treat toxoplasmosis, a parasitic disease that affects people with weakened immune systems, such as those with AIDS or cancer. Turing acquired Daraprim in August, and immediately raised the price from $13.50 a tablet to $750 a tablet.

There is no word on what the new, lower price will be. Shkreli warned that lowering the drug price will likely mean that Turing will have to cut back on R&D spending and/or layoff employees.

Bayer has exercised its option, under a change-in-control clause in the collaboration agreement with Loxo Oncology, to obtain the exclusive licensing rights for the global development and commercialization of two cancer drugs.

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